I've adapted this recipe from Housewife 2 Hostess
Naturally, any flavor of Chex cereal will taste good, but the Vanilla Chex is very good. So far, that is the only variety I've used. The added vanilla is very good, but not necessary. The milk chocolate chips, in my opinion, are better than the semi sweet that the original recipe calls for.
7 cups Vanilla Chex cereal
1 cup milk chocolate chips
1 cup peanut butter
1/4 cup butter
1 tsp vanilla extract
1 1/2 cups powdered sugar
Put the cereal in a large bowl and set aside. In a microwave-safe bowl, or in a saucepan over low heat, melt together the chocolate chips, peanut butter and butter until smooth. Stir in the vanilla extract and our over the cereal, stirring until well coated. Stir in the powdered sugar until the cereal is well coated. Sometimes I add some extra powdered sugar. Chelsey advises spreading the Muddy Buddies onto a large cookie sheet and placing in the freezer. She says it keeps the powdered sugar nice and white. Each time I've made these, I've done so. I put them in an extra large cake pan, and place a sheet of waxed paper on top, before placing in the freezer. She says to keep them in the freezer for 5 minutes, but I always seem to get busy and lose track of time, so they end up staying in there for about an hour. If that happens to you, no worries, they will be fine.